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Shiller P/E Ratio (CAPE)

Ten-year cyclically adjusted P/E of the historical U.S. stock market. Monthly observations, not a real-time S&P 500 estimate.
Latest complete month
39.84×
June 2026
Change from prior month
+0.03 points
+0.1% vs. May 2026 (ratio change, not an index return)

Historical CAPE chart

0×10×20×30×40×50×1900192019401960198020002020June 2026: 39.84×
June 202639.84×Browse plotted points with the controls below or use ← and →. Home and End jump to range boundaries.
Calculated from Shiller's monthly index prices, earnings and CPI. Incomplete earnings months are excluded; the figure is not a live quote.
Showing 1,747 observations from December 1880 through June 2026, with 260 representative points plotted. The full history begins December 1880. Latest complete earnings month: June 2026. This chart is not a current valuation estimate.
Historical mean
17.71×
1,747 months
Historical high
44.00×
Historical low
4.80×
Retained history
1,747 months
December 1880 to June 2026

Monthly observation history

Page 30 of 35. Newest observations first. CSV, embeds and JSON API are disabled for this source.
Independently calculated historical CAPE observations, newest 12 observations
MonthCAPE ratio
August 190519.46×
July 190519.09×
June 190518.62×
May 190518.52×
April 190519.37×
March 190519.72×
February 190519.07×
January 190518.36×
December 190418.07×
November 190417.98×
October 190417.54×
September 190416.65×
Show 38 earlier observations on this page
Independently calculated historical CAPE observations, earlier observations on this page
MonthCAPE ratio
August 190416.22×
July 190415.96×
June 190415.40×
May 190415.45×
April 190415.50×
March 190415.02×
February 190414.96×
January 190415.79×
December 190315.97×
November 190315.33×
October 190315.18×
September 190315.58×
August 190316.23×
July 190316.84×
June 190317.73×
May 190318.86×
April 190318.89×
March 190319.79×
February 190320.01×
January 190320.23×
December 190219.55×
November 190220.32×
October 190220.53×
September 190222.76×
August 190223.07×
July 190222.30×
June 190221.89×
May 190222.35×
April 190222.75×
March 190222.34×
February 190222.38×
January 190222.27×
December 190121.61×
November 190122.30×
October 190122.17×
September 190122.51×
August 190122.98×
July 190123.05×
← Newer observationsOlder observations →

Source, calculation & limitations

Historical index: Before 1957, this dataset uses earlier U.S. equity market composites and reconstructions, not the modern 500-stock S&P 500. Parts of historical earnings were interpolated. This is retrospective latest-known revised history, not historical point-in-time earnings availability.

Freshness: Last complete month June 2026. Later workbook rows lacking earnings are excluded, not estimated. No intraday or spot valuation claim is made.

Primary source: Robert Shiller, Online Data: U.S. Stock Markets 1871–Present. Retrieved 2026-11-03; includes historical CPI reconstructions.

“Shiller P/E” describes the method. Grizzly Bulls is not endorsed by or affiliated with Robert Shiller or Yale. Informational only, not investment advice.

Viewing this reviewed chart and monthly table is permitted for this release; data downloads, third-party embeds, and API redistribution are not enabled.

Calculation and independent verification

Calculation: Monthly-average index price divided by the mean of 120 consecutive months of annualized trailing earnings, adjusted for inflation to the observation month. Values are independently calculated, not copied from the source's published CAPE column.

Independent check: 1,746 values compared with the original workbook CAPE column; maximum relative difference 1.097%. Agreement does not certify identical methodology.